Best Balance Transfers Discussion Area

AMH82_2

I have been offered a balance deal of 0% for six months on my current lloyds airmiles duo card.

As I have two cards (Egg & HSBC) that were on 0% deals that have now expired, and have had trouble finding a new card to transfer to I was tempted by the offer.

The only thing I am worried about is that the Lloyds card has £350 on it, if I transfer a balance will it be the same as if I spent on a card after doing a transfer? i.e. I'll be paying off the 0% balance but the £350 that was already on there will be racking up interest? Or would the payments pay off the £350 first, then continue to pay off the 0% balance afterwards?

JimmyTheWig

AMH82 wrote: »

The only thing I am worried about is that the Lloyds card has £350 on it, if I transfer a balance will it be the same as if I spent on a card after doing a transfer? i.e. I'll be paying off the 0% balance but the £350 that was already on there will be racking up interest? Or would the payments pay off the £350 first, then continue to pay off the 0% balance afterwards?

You are right to worry. I would have thought that the £350 will sit there racking up interest.

But, beggars can't be choosers. If you can't get another 0% deal then this is probably still your best bet.
If your outstanding balances are significantly more than £350 then it may be best to do the transfer anyway and take the hit of interest on the £350 in order to benefit from the 0% on the rest of your debt.

Alternatively you could transfer the £350 elsewhere then transfer it all back again, but this could be time consuming which would cost you in interest anyway.


To be sure what is best, let us know the interest rates you are paying on the three cards and what your other balances are...

AMH82_2

I'm just about to shoot out to work so will update you with my other account info later on, but thanks for yoru help.

I would just pay the £350 off before doing it but I only have until the end of the month if I want to transfer, and have already made £350 worth of payments on my other cards so can't really afford to pay off the lloyds one right now. I had planned to get it sorted earlier but I ran out of time this month!!

AFC_Lee

Hi all,

Anyone know of any good credit cards that will allow me to Balance Transfer my NatWest Bank Account Overdraft?? Either at 0% or low percentage would be great, as my OD is costing me £60 per month in interest charges, and just worries me to death every time I log on to online banking (seeing that big MINUS sign drives me crazy!!).

I currently already have a Virgin Credit card with not enough room on, and applied this morning for a Capital One Fixed 6.5% Card to transfer the balances of two other credit cards.

I'd absolutely love to transfer my overdraft onto a credit card, and ring NatWest and tell them to reduce my OD to just £50 or something to allow a tiny margin of flexibility...

Any suggestions are greatly appreciated.

Moggles_2

GrammarGirl wrote: »

I've had numerous problems with my HSBC credit card. Basically, I applied for an HSBC card when it was advertised as 0% on purchases for 12 months. After a few issues (HSBC asked me to take proof of my earnings into my local branch, even though I have a current account with them that clearly shows my wage going in each month) my application was accepted, but by this time the offer had changed. I ended up with 0% on purchases for only 3 months, so the interest free period ended at the beginning of Sept. I tried transferring my balance, first to a Natwest card (declined) and then to Virgin (again, declined), then decided to leave it for a while and pay off the balance. I paid off £400, leaving £100 on the card. Anyway, the balance has crept back up to £250 and I really want to transfer it. Any advice as to how long I should wait between applications or any recommendations as to which card is best for me? I graduated last year, have an overdraft, car insurance paid monthly, phone bill and Virgin Media payments that I have never missed. I've also been paying off my credit card on time each month. Any help would be useful

Have you checked your credit reports lately? This is the information UK lenders see when you apply for a new credit card. (For help, see the *How to obtain credit reports* sticky.)

Are you registered on the electoral roll at your current address? If not, this would explain why HSBC took so long to process your application and why NatWest and Virgin turned you down.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

Moggles_2

AFC_Lee wrote: »

Anyone know of any good credit cards that will allow me to balance transfer my NatWest bank account overdraft either at 0% or low rate? I currently have a Virgin credit card with not enough room on and applied this morning for a Capital One fixed 6.5% card to transfer the balances of two other credit cards. Any suggestions are greatly appreciated.

A few rather special cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. Unfortunately, Capital One is not one of them. You need:

a card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card

alternatively, you can use Egg Money (not to be confused with the Egg card) in conjunction with any 0% or low-rate balance transfer card.

Mint periodically issues credit card cheques, which can be paid directly into your current account. Unless you already have them, this is the least satisfactory option, as Mint cheques cannot be ordered and you never know when the next ones will turn up in the post.

Note: other lenders (eg. Halifax) issue credit card cheques from time to time. These can be used to settle bills, but if you paid one into your bank account, you'd be charged for a cash withdrawal - not recommended, not unless you have money to burn.

Which option is best depends, to some extent, on which cards - besides Capital One and Virgin - you have at the mo. Btw, I would avoid MBNA until you've cleared the balance on your Virgin card

NickX

AFC_Lee wrote: »

applied this morning for a Capital One Fixed 6.5% Card to transfer the balances of two other credit cards.

I think this product from Capital One is 8.5% Fixed until 1st August 2012.

I know that 2012 may seem a long way off but you need to be mindful of the promotion expiry date because otherwise you could end up paying an extortionate standard variable rate should any of the debt still be outstanding by then.

emz121

hi ,

i have an outstanding balance on my vanquis credit card £1150. i want to transfer this to my Halifax card but vanquis wont allow me to do this as they apparently dont except payment via another credit card. i have never heard of this before and i dont really understand why they dont except credit card payments. this isnt in there terms and i was just wondering if there was any other way i could pay off my vanquis card using my halifax card?

thanks

NickX

emz121 wrote: »

i have an outstanding balance on my vanquis credit card £1150. i want to transfer this to my Halifax card but vanquis wont allow me to do this as they apparently dont except payment via another credit card.

You need to speak to Halifax rather than Vanquis. Request that Halifax action a Balance Transfer from your Vanquis card for the amount of £1150. This should move the balance over for you.

Remember to check the terms that Halifax are offering you on Balance Transfer. There may be a promotional rate, but they will probably charge you a fee of around 3%.

Good Luck.

aaron772

yeah i just had my Halifax card done and was charged 3% still worth it as you will save intrest for the next 10 months or so.
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